Balham Park Rd, London
Project to completed: September 2019
The developers are an experienced property management company who operate predominantly across southern England. They generally tend to focus on development projects either from a straight conversion from flats to luxury development or as in this instance taking a previous high occupancy HMO and re-developing it into a luxury modern flat offering for fewer dwellings.
Due to their experience, the developers had in place efficient timescales to deal with planning and re-development schedules. Unfortunately, due to the lengthy planning application process, these timescales were effected and the clients initial deal with another lender was coming to an end without the view to extend.
Mint was approached with the outline of securing the finance in an extremely short timeframe so that both the initial loan could be redeemed and also so development could continue. The agreement was in place the same day with all the complexities of the initial lender and the first drawdown from Mint being achieved within 12 working days.
Further to this Mint’s development team worked with the borrower to ensure an increased day 1 drawdown 0f £900,000 so that their development could continue at speed. Mint also agreed to a 12 month borrowing period to allow for an additional re-sale period at the end of the development as a safety measure for the borrower.
The ability of Mint’s development finance ensured the borrower was able to deal direct with underwriters throughout the initial application. Working with the underwriters the borrower was able to resolve the complexities around transitioning from the initial loan very swiftly. This allowed the borrower to access the funds much quicker as the barriers were removed between all parties to ensure an increased initial drawdown.
Should you require any development funding contact mint today to discuss your development finance needs or alternatively submit an eligibility check to discover the level of funds.